The Central Bank of Turkey hiked its benchmark interest rate to 24 percent, an increase of 625 basis points from the previous rate of 17.75 percent, prompting the lira to jump more than 5 percent, CNBC reports. The lira touched as high as 6.003 to the dollar following the surprise announcement. Market expectations were that the central bank would increase its benchmark rate by 300 to 400 basis points. The central bank’s decision is seen as defiance against Erdogan, who has pressured it to lower rates and has said he would take control of monetary policy.